NF had printed higher value day on expiry day above spike which considered advantage buyers. Buyers next expected to stay above 21955 for follow through higher.Considered weak below 21910 for 21880/21850/21820. NF failed to push higher and gone for ORR down move in IB to probe till 21830 then bounced. Later it gone for balance all day inside IB range then closed below dVAL.
NF stopped 4 days of one time frame up.
Normal day auction inside IB range if we skip minor swipe below IBL.
Two days of overlap composite closing below dVAL..Weakness..Some supply held the auction all day then closed with carrying their inventory.
Buyers next need to stay higher above 21920, failing to do so another overlap session possible and liquidation possible if stays below 21840.
21820-21840 marked as support on daily and its held in last session.This goes means weakness towards 21755/21650 then bounce else 21600/21525.To start with negation at 21990 for this view and once moves below 21755 negation could be moved to 21920.
For next session, levels wise failing to stay below 21850 and move above 21885 could get 21920/21945-21955 and more bullish above 21965 for 21990-22005/22035/22070/22110. Not able to stay above 21920 and move below 21880 could go for overlap session with a drop to 21850/21825 and weak below 21820 for 21785 if sustains 21755/21720-21710 probe possible.
Weekly :
After that 20th Dec liquidation happened towards 21060, week had a close with a pullback of back to back good volume days clearing most of imbalance happened on that fall.Post such pullback close, buyers job was to hold 21280 and balance and then sustain above 21490 as early as possible which expected to push higher towards 21570/21635 if accepts then 21720/21850+ marked for upmove. NF started week staying above 21280 and cleared 21490 which pushed for new ATH move towards 21790 then closed the week above VAH.
8th week of one time frame up.Buyers need a drive/gap early in the week higher to get 21990 if accepts 22070/22110/22165/22240 possible..Failing to move higher and staying below 21920 could drop to 21785-21750 then bounce.If sustains down below 21750 then 21650/21600 which is very good support to bounce again to 21750/21840. Staying below 21600 could get 21525/21470-21450/21375/21325.
Monthly :
Expected Dec to be trending month.20th Dec moved considered as inventory adjustment move hence expected Dec to close as P/trending profile at upper quad. Dec closed as trending profile with spike close similar to Nov. Above 21990 Jan could trend higher towards 22110/22240 to start with.Not doing so at start of month, could drop and fill that last week spike zone of Dec i.e, move back to 21750/21650-21600 then bounce and clear 21820/21920/21990 to continue the journey upside…If stays below 21600 then 21480/21350 zone probe for Jan. First sign for any major weakness below 21350 for test of 21180/21050 and bullishness fully gone below 21000 for monthly time frame which could push down further towards 20850/20650 and lower.
Charts
Daily :
Weekly :
Monthly :
Yearly :
Data :
Notes :
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